Investors' Soapbox AM

Big Defense Names Won't See Q4 Misfire

In fourth-quarter 2012, we are expecting largely in-line performances from the large-cap defense companies backed up by multiyear backlogs despite the short-term weak bookings environment. Managements continue to highlight that a form of sequestration is already in play with award delays.

We expect a mixed-quarter result from General Dynamics (ticker: GD) for the fourth quarter and a very conservative...